Antipodes Partners published its “Antipodes Global Strategy” first-quarter 2026 investor letter, highlighting the key performance stocks, portfolio changes, and the market outlook. A copy of the letter can be downloaded here. The first quarter of 2026 was highly volatile. Early optimism shifted to a historic energy shock caused by US-Israeli strikes on Iran. Global equities dropped 3.2% in USD, with US equities falling 4.6%, and value stocks outperformed growth stocks as the rotation away from mega-cap tech accelerated due to AI fears. The strategy outperformed the benchmark over the quarter and the 12 months to March 31, 2026. Exposure in North America, Korea, Western Europe, and Latin America regions boosted performance, while Canada and the UK lagged. Energy, consumer discretionary, industrials, and healthcare sectors led the performance, while financials, real estate, and materials lagged. To manage risk, the firm increased its holdings in defensive sectors during the quarter. For insights into their key selections for 2026, please review the Strategy’s top five holdings.
In its first-quarter 2026 investor letter, Antipodes Global Value Strategy highlighted Lennar Corporation (NYSE:LEN). Lennar Corporation (NYSE:LEN) is a leading US-based home builders. On June 26, 2026, Lennar Corporation (NYSE:LEN) closed at $93.52 per share. One-month return of Lennar Corporation (NYSE:LEN) was 3.78%, and its shares lost 15.45% over the past 52 weeks. Lennar Corporation (NYSE:LEN) has a market capitalization of $23.03 billion.
Antipodes Global Value Strategy stated the following regarding Lennar Corporation (NYSE:LEN) in its Q1 2026 investor letter:
“Lennar Corporation (NYSE:LEN): Gross margins on home sales fell to 15.2% in Q1 FY2026, from 18.7% a year earlier. Sales incentives of ~14% of revenue (versus a historical 4–6%) are becoming entrenched rather than normalising. Deliveries, average prices, and new order guidance are all tracking below expectations. The structural US housing undersupply story is real, but the bridge to earnings recovery is longer and more painful than the original case anticipated.”
Lennar Corporation (NYSE:LEN) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 66 hedge fund portfolios held Lennar Corporation (NYSE:LEN) at the end of the first quarter, compared to 68 in the previous quarter. While we acknowledge the risk and potential of Lennar Corporation (NYSE:LEN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Lennar Corporation (NYSE:LEN) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Lennar Corporation (NYSE:LEN) and shared the list of best July dividend stocks to buy. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
